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Two entities may be affiliates if one owns less than a majority of voting stock in the other. Affiliation is defined in finance in a loan agreement as an entity other than a subsidiary directly or indirectly controlling, being controlled by or under common control with an entity.

In commerce, two parties are affiliated if either can control the other, or if a third party controls both. Affiliates have more legal requirements and prohibitions than other company arrangements to safeguard against insider trading.

For banking, affiliate banks are popular for underwriting securities and entering foreign markets. Unlike an affiliate, a subsidiary's majority shareholder is the parent company.

The parent also has control over the subsidiary and is allowed to make important decisions such as the hiring and firing of executives, and the appointment of directors on the board.

Business Essentials. Corporate Finance. Financial Analysis. Investing Essentials. Investopedia uses cookies to provide you with a great user experience.

By using Investopedia, you accept our. Your Money. Personal Finance. Your Practice. Popular Courses.

Business Business Essentials. What Is an Affiliate? Companies can become affiliated through mergers, takeovers, or spinoffs.

In online retail, one company becomes affiliated with another to sell its products or services.

Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.

Follow Twitter. She has written for The Balance on U. Read The Balance's editorial policies. Examples of Affiliates Amazon affiliates are called "Amazon Associates.

In broadcasting, local TV stations are affiliates of a national network. These local stations are locally owned, but they use network content and advertising.

What is Affiliate Marketing? An affiliate agreement contract should include answers to the following questions:.

What is the term of the affiliate agreement? Under what circumstances can either party terminate the agreement? What is the definition of "affiliate" in this situation?

What is the relationship between the parties? Of the offering host? What types of promotional materials and advertising content is available to the affiliate?

What are the restrictions on the affiliate's use of promotional materials? What licenses are required of both the affiliate and the host business?

Who owns the licenses? For example, a broadcast TV station must have a specific type of license, and keep that license up to date.

Who owns the intellectual property Trademarks and service marks are the most common types of intellectual property in affiliate agreements.

What are the restrictions on the use of the intellectual property by the affiliate? How are affiliate payments made and when? How can commissions be re-negotiated?

What is the governing law? That is, what state law governs this agreement? The governing law may be different based on where the entity filing a lawsuit is based.

What happens if either of the parties goes out of business? What happens if either party defaults on the agreement? An indemnification clause sometimes referred to as a "hold harmless" clause that protects either party from harm for the actions of the other party.

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